- Indonesian Commodities Market Regulator to list Cryptocurrencies on Futures Exchange.
- The regulator has called on local crypto exchanges to submit regulatory proposals.
Indonesia: On Monday 4th June, a Jarkata Post reported that the Indonesian Futures Exchange Supervisory Board (Bappebti) has ruled that digital currencies can be classified as commodities that can be traded on the Indonesian futures exchange. The Supervisory Board is a commodities market regulator under the Indonesian Ministry of Trade,
Dharma Yoga, the board’s market supervision boss, confirmed the decision and stated that the ruling came after the issue had been examined for a period of four months, according to the report. Yoga also stated that the board has now signed a decree to legalize the rule. This would subsequently lead to the launching of a bitcoin futures product in the country.
Dharma said that other regulations that surround crypto exchanges and related taxation would soon be revealed by Bank Indonesia and its taxation agency.
Last year, Bank Indonesia – Indonesia’s central bank – suggested that it would ban cryptocurrency payments within the country, and later added that it does not consider Bitcoin as a legal means of payment. The central bank, however, did not mention crypto exchanges at the time.
Dharma further revealed that that board has requested local crypto exchanges to submit regulatory proposals. This will enable the board to commence the preparation of a comprehensive regulatory framework.
This is good need for the crypto enthusiasts in Indonesia who has earlier been under of the fear of crypto ban within the country.